Taxation Direct and Indirect NMIMS Solution Dec18

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Must read before purchase: You must edit approx 10-20 percent answer for avoid copy case.

Question 1: Miss Nihali recently joined Accenture as Head IT. Her CTC amounts to 24 lacs. There is formal procedure which every company’s accounts department follows while processing the salaries payment to the employees for any financial year. You being the accounts manager of the company, discuss on the points to be taken care of while charging tax under the head income from salary for the employees. (10 Marks)

Question 2: Mr. Abhishek recently passed the MBBS exams and started practicing as a doctor. On the occasion of his birthday, he received a cash gift worth 51000 from one of his father’s friend. Further, one of his patients also gifted him a plot of land, as an appreciation for his personal qualities and dedication towards his work. Discuss with suitable reasons, whether the receipts are taxable or not and if yes, then the head of income under which the receipts are taxable. (10 Marks)

Question 3: Mr. Arman has a gross total income of Rs 1350000 for the Assessment year 2018-19. He made following payments during the year

PPF amount paid (Sum insured on account of LIC is Rs150000.) 75000

LIC premium paid 30000

Medical insurance premium for self and wife 10000

Repayment of housing loan to Bank Of Baroda 125000

Medical premium paid for his mother (aged 85 years) 25000

a. Compute the eligible amount of deduction under Chapter VI-A for the Assessment Year 2018-19 (5 Marks)

b. What if, in addition to this he also contributed in certain work of literacy and earned a royalty income amounting Rs15 lacs, as a lump sum consideration by authoring certain books. Compute the additional eligible amount of deduction explaining the relevant provision. (5 Marks)